AN ORDINANCE ADOPTING REGULATIONS GOVERNING

WATERCRAFT REPORTING AND TAXATION

WHEREAS, Ordinance 97-73, codified in provisions of KPB Chapter 5.12, exempted U.S. Coast Guard registered watercraft from ad valorem taxes and implemented a flat tax schedule in its stead; and

WHEREAS, KPB 5.12.180, governing filing requirements, authorizes the Mayor to adopt regulations, subject to assembly approval, for the administration and enforcement of that provision; and

WHEREAS, regulations clarifying filing, reporting, and taxation requirements are needed to assist in the administration and enforcement of the tax code changes regarding watercraft;

NOW, THEREFORE, BE IT ORDAINED BY THE ASSEMBLY OF THE KENAI PENINSULA BOROUGH:

SECTION 1. That the Assembly adopts the attached regulations entitled "Kenai Peninsula Borough Regulations Governing Watercraft Reporting and Taxation", which are incorporated by reference as if fully set forth herein.

SECTION 2. That this ordinance shall take effect immediately upon its adoption.

ENACTED BY THE ASSEMBLY OF THE KENAI PENINSULA BOROUGH THIS 19th DAY OF MAY, 1998.

Jack Brown, Assembly President

ATTEST:

Linda S. Murphy, Borough Clerk